Subsequent Events

9 Months Ended

Mar. 28, 2015

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

On April 15, 2015, we refinanced our existing $250,000 unsecured revolving credit facility, which was scheduled to expire on March 7, 2017, with a new five-year $350,000 revolving credit facility maturing on April 15, 2020. Domestic U.S. Dollar borrowings under the new facility bears interest between 1.00% to 1.75% over LIBOR, depending on our leverage ratio and can be expanded by $200,000, to a total of $550,000. As of April 15, 2015, there was $30,000 outstanding under this facility at a weighted average effective rate of 1.44%. The unused portion of the revolver may be used for general corporate purposes, acquisitions, share repurchases, dividends, working capital needs and to provide up to $45,000 in letters of credit. We intend to use this facility to repay our $75,000 of variable rate unsecured private placement notes which mature on June 30, 2015.

The material covenants required under the new credit facility are the same as those set forth in our existing credit facility as of March 28, 2015, which are described in Note 10, "Long-Term Debt," of the Notes to the Condensed Consolidated Financial Statements.

In addition, on April 1, 2015, we entered into a long-term interest rate swap for $75,000 which will limit our exposure to interest rate risk where we will pay fixed rates of interest and receive variable rates of interest based on the one-month LIBOR. We will have an effective interest rate of 2.35%. The 15-year swap contract has a forward start date of July 1, 2016 and is a highly effective cash flow hedge.